The old school Bitcoin holders are at it again. Just days before Bitcoin's long-awaited halving, there was a wallet containing some of the mined cryptocurrency from when the pseudonymous creator Satoshi Nakamoto was still active After 14 years, his inventory was finally moved for the first time.
On-chain data shows that the wallet moved 50 BTC – worth $3.2 million today. A large portion of it went to a Coinbase address.
Blockchain experts on Twitter (also known as X) said that the address was a miner who had already minted the new coins on April 22, 2010. Since then, the BTC has sat quietly in a wallet and has not been moved – until today.
The on-chain data shows that the 50 BTC arrived in the wallet as a block reward when Bitcoin was trading for just a few cents or less – meaning the miner has only made dramatic profits since then.
Miners are rewarded for minting new coins. This particular address would have received the 50 new coins when Bitcoin was still in its early days. In 2010, Bitcoin traded for less than $0.10 per coin for most of 2010, but reached a high of $0.30 at the end of the year, data from Investing.com shows.
CoinMarketCap's earliest data, meanwhile, shows a price above $0.07 in July 2010. It was likely worth less in April of that year, but even at this point in July, this wallet's holdings would have increased by about 87,000,000% .
The Bitcoin halving is scheduled to occur on Saturday. The quadrennial event will halve Bitcoin miners' rewards, from 6.25 BTC for each block they process to 3,125 BTC. It is currently scheduled to take place on April 20th.
This is expected to lead to a major shortage in the amount of coins in the market. Miners will also have to work harder, meaning only the strongest and most efficient operations in the industry will be involved in maintaining the network.
The price of Bitcoin According to CoinGecko, the price is currently at $64,648 after suffering a setback over the weekend. It is now well below its March all-time high of nearly $74,000 per coin.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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